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Having risen above a pivotal resistance at $7.49-1/4, the 76.4 percent Fibonacci retracement on the fall from $7.77-1/4 to $6.59, the current rally would completely reverse the fall by touching $7.77-1/4.
The strong bullish momentum on the successive rises during the past few trading sessions has indicated a resumption of a long-term bull trend.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.